Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>China gold jewelry demand slumped in 2Q2025, while investment demand for coins and bars remained resilient amidst rise in gold prices, according to data released by China Gold Association.</li>
<li>If gold rally continues, <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> faces heightened demand growth risk due to reliance on the competitive, price-sensitive, consumption-driven jewellery segment.</li>
<li>Chow Tai Fook’s 140% YTD rally reflects optimism on branding-driven earnings growth, but <strong>stretched valuations overlook downside risks to growth if gold prices keep rising.</strong>
</li>
</ul>


China gold jewelry demand slumped in 2Q2025, while investment demand for coins and bars remained resilient amidst rise in gold prices, according to data released by China Gold Association.
If gold rally continues, Chow Tai Fook Jewellery (1929 HK) faces heightened demand growth risk due to reliance on the competitive, price-sensitive, consumption-driven jewellery segment.
Chow Tai Fook’s 140% YTD rally reflects optimism on branding-driven earnings growth, but stretched valuations overlook downside risks to growth if gold prices keep rising.



Chow Tai Fook (1929 HK): Strong Rally, Weak Jewellery Demand. Growth Risks.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>  is down nearly 20% since June’s lock-up expiry, despite strong 1H2025 results and subsequent analyst earnings upgrades.</li>
<li>The stock trades at 22x FY26E, the low end of its YTD P/E range, with a PEG below 0.8x.</li>
<li>China’s retail gold demand in 2Q2025 has shifted toward investment products - a trend that could support Laopu’s mostly investment-driven sales.</li>
</ul>



Laopu Gold (6181 HK)  is down nearly 20% since June’s lock-up expiry, despite strong 1H2025 results and subsequent analyst earnings upgrades.
The stock trades at 22x FY26E, the low end of its YTD P/E range, with a PEG below 0.8x.
China’s retail gold demand in 2Q2025 has shifted toward investment products - a trend that could support Laopu’s mostly investment-driven sales.


Laopu Gold (6181 HK): Technical Overhang Masks Strong Fundamentals – Gold Bulls Stay Put

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>The main forecasted additions are <a href="https://www.smartkarma.com/entities/siemens-energy-ag" target="_blank" data-smartkarma-citation="entities:35843:1" rel="noopener">Siemens Energy AG (ENR GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a> as they are both surpassing the entry rank.</li>
<li>The main forecasted deletions are <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a> and <a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> as they are both below the exit rank.</li>
<li>
<a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard Sa (RI FP)</a> and <a href="https://www.smartkarma.com/entities/volkswagen-ag-2754ab9c-fd60-43d7-a087-b4ce4465a0eb" target="_blank" data-smartkarma-citation="entities:734:1" rel="noopener">Volkswagen (Pref) (VOW3 GR)</a> are near the exit threshold and can potentially be replaced by <a href="https://www.smartkarma.com/entities/e-on-se" target="_blank" data-smartkarma-citation="entities:21616:1" rel="noopener">E.ON (EOAN GR)</a> and <a href="https://www.smartkarma.com/entities/engie-sa" target="_blank" data-smartkarma-citation="entities:21449:1" rel="noopener">Engie SA (ENGI FP)</a>. </li>
</ul>


The main forecasted additions are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR) as they are both surpassing the entry rank.
The main forecasted deletions are Stellantis NV (STLAM IM) and Nokia OYJ (NOKIA FH) as they are both below the exit rank.

Pernod Ricard Sa (RI FP) and Volkswagen (Pref) (VOW3 GR) are near the exit threshold and can potentially be replaced by E.ON (EOAN GR) and Engie SA (ENGI FP). 


EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

<ul>
<li>
<a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>’s stock has fallen nearly 30% since its July 8 peak and declined another 4% yesterday despite an upbeat 1H2025 profit update.</li>
<li>The company’s positive profit alert reported revenues and profits up more than 2.5x year-on-year, exceeding market expectations.</li>
<li>The ongoing share price weakness despite strong results likely reflects a combination of technical factors, such as lock-up related selling, and broader fundamental concerns.</li>
</ul>



Laopu Gold (6181 HK)’s stock has fallen nearly 30% since its July 8 peak and declined another 4% yesterday despite an upbeat 1H2025 profit update.
The company’s positive profit alert reported revenues and profits up more than 2.5x year-on-year, exceeding market expectations.
The ongoing share price weakness despite strong results likely reflects a combination of technical factors, such as lock-up related selling, and broader fundamental concerns.


Laopu Gold (6181 HK): Strong Earnings, Soft Share Price – What’s Driving the Disconnect?

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>’s  365-day lockup on shares held by pre-IPO investors expires tomorrow (June 27), more than doubling its current free float.</li>
<li>Near-Term pressure on the stock is likely, given the sharp increase in tradable shares, mixed gold price outlook, and limited retail investor access after a steep rally.</li>
<li>A potential stock split could broaden investor participation, improve liquidity and serve as a catalyst for next leg of stock upside.</li>
</ul>



Laopu Gold (6181 HK)’s  365-day lockup on shares held by pre-IPO investors expires tomorrow (June 27), more than doubling its current free float.
Near-Term pressure on the stock is likely, given the sharp increase in tradable shares, mixed gold price outlook, and limited retail investor access after a steep rally.
A potential stock split could broaden investor participation, improve liquidity and serve as a catalyst for next leg of stock upside.


Laopu Gold (6181 HK): Lockup Expiry Ahead. After 2000% Rally, Is There Still Shine Left?

France

Kering SA designs, manufactures and markets luxury and sport & lifestyle goods. The Company's brands include Gucci, Bottega Veneta, Alexander McQueen, Puma and Volcom. Kering operates globally and is headquartered in Paris, France.

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Kering (KER FP)

Chow Tai Fook (1929 HK): Strong Rally, Weak Jewellery Demand. Growth Risks.

Downside risk to the stock as stretched valuations overlook the risk of worsening jewellery sales if the gold rally continues.

Devi Subhakesan

Laopu Gold (6181 HK): Technical Overhang Masks Strong Fundamentals – Gold Bulls Stay Put

Investors confident in rising gold prices can see Laopu's current technicals driven stock weakness as an opportunity given it's strong growth...

Devi Subhakesan

EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

ENR and DBK are poised to join EURO STOXX50, while STLA and NOKIA are expected to exit. RI and VOW3 face potential removal, with EOAN and ENGI...

Dimitris Ioannidis

Laopu Gold (6181 HK): Lockup Expiry Ahead. After 2000% Rally, Is There Still Shine Left?

Post Lockup expiry, What's next? Outlook on gold price matters. Also, a potential stock split could broaden investor participation, improve...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chow Tai Fook (1929 HK): Strong Rally, Weak Jewellery Demand. Growth Risks.

Downside risk to the stock as stretched valuations overlook the risk of worsening jewellery sales if the gold rally continues.

Devi Subhakesan

Laopu Gold (6181 HK): Technical Overhang Masks Strong Fundamentals – Gold Bulls Stay Put

Investors confident in rising gold prices can see Laopu's current technicals driven stock weakness as an opportunity given it's strong growth...

Devi Subhakesan

EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

ENR and DBK are poised to join EURO STOXX50, while STLA and NOKIA are expected to exit. RI and VOW3 face potential removal, with EOAN and ENGI...

Dimitris Ioannidis

Laopu Gold (6181 HK): Strong Earnings, Soft Share Price – What’s Driving the Disconnect?

The ongoing share price weakness despite strong results likely reflects a combination of technical factors, such as lock-up related selling, and...

Devi Subhakesan

Laopu Gold (6181 HK): Lockup Expiry Ahead. After 2000% Rally, Is There Still Shine Left?

Post Lockup expiry, What's next? Outlook on gold price matters. Also, a potential stock split could broaden investor participation, improve...

Devi Subhakesan